February 20, 2023 [ICIS] – Vopak has launched a strategic review of its three chemicals terminals in the Port of Rotterdam, Netherlands with the outcome potentially including partial divestment of the sites, the firm said on Wednesday.

As the Netherlands-based company continues to reshape its portfolio in favour of new energies and feedstocks, the firm has initiated a review of its Botlek, TTR and Chemiehaven chemicals terminals in Rotterdam, following the divestment of its Canadian oil terminals.

“The outcome of the review may include (partial) divestment of these locations. As the outcome is currently unknown, no further details can be disclosed,” the company said in a statement.

The company is also pushing ahead with industrial and gas terminals including its expansion of terminal capacity in Caojing, China and agreed this month to acquire Gunvor’s shares in a site within the Antwerp, Belgium petrochemicals cluster.

Vopak is looking to utilise this location to provide decarbonisation solutions to petrochemicals players in the area, according to Vopak chief Dick Richelle.

“We accessed a prime location in Europe’s leading petrochemical cluster, the Port of Antwerp,” he said. “This offers a unique opportunity to implement our strategy, forge new partnerships and support the industry in its decarbonisation by developing critical infrastructure.”

On Wednesday, the terminals and storage major reported Q4 2022 profits of €88.5m compared with €77.1m the previous quarter and €69.1m during the same period a year earlier, with occupancy across its operations firming to 90%.

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